As President Trump boasted on Saturday night in Georgia about how much money the U.S. oil and gas industry is making from the war with Iran, his own oil and gas holdings were worth between $22.5 million and $81.6 million, up from $12.6 million to $46 million at the end of 2025, according to a new report by Democrats on the Congressional Joint Economic Committee obtained exclusively by CBS News.
The stocks he holds increased in value by an average of 43% since the end of 2025, the Democratic minority said, based on data from LSEG Data Analytics. Between March, after the war began, and the end of August, the most recently available data, he purchased between $4.7 million and $17.5 million in oil and gas stocks and sold between $2 million and $5.4 million in the same period. Filers only report transaction ranges, not specific amounts, and the minority said the totals may be even higher because he has not yet reported transactions for September or October.
The brag, and the prices behind it
Trump told the Georgia crowd that U.S. oil and gas companies are “making hundreds of billions of dollars” from the war, adding that his advisers told him not to mention how much money the industry was making from the chaos in the Middle East. He said oil prices were temporarily high and would fall dramatically once the war ended.
Meanwhile, Americans have paid the other side of that equation. In early February, before the war began on February 28, the nationwide average for regular gas was $2.87 a gallon and diesel was $3.68. Now, eight months later, regular gas is $4.29 and diesel is $6.28, with the global Brent benchmark hovering above $115 a barrel, compared with less than $75 the day before the war began. Democrats on the committee estimated American families have spent an average of $856 more on gas since the war began.
Energy stocks have surged with those prices. Share prices of energy companies on the S&P 500 jumped more than 50% since the start of the year, easily outpacing the broader index’s roughly 11% gain.
Where the money sits
Among the nine stocks that make up the largest oil and gas holdings in Trump’s portfolio, Chevron and ExxonMobil represent the most significant portion. He owns up to $23.1 million in Chevron stock and up to $18.4 million in ExxonMobil, which saw their share prices grow nearly 25% and nearly 22% respectively since February 20.
One transaction drew particular attention in CBS News’ earlier review of his trades. On April 7, the day the president declared a ceasefire in the war, his investment accounts sold between $500,000 and $1 million of ExxonMobil stock. The company’s share price closed at $163.91 on April 7, before Trump announced the ceasefire that evening, and opened down more than 6% at $153.52 on April 8.
The White House denies any conflict. Spokesman Davis Ingle said Trump only acts in the best interests of the American public, and that the portfolio is independently managed by third-party financial institutions in discretionary accounts invested through computer-based model portfolios that replicate recognized indexes. Neither Trump nor any member of his family has any ability to direct or influence the investments, Ingle said, and there are no conflicts of interest. Trump himself said in a July interview with CNBC that his son Eric also handles his finances.
Sen. Maggie Hassan of New Hampshire, the top Democrat on the Joint Economic Committee, said the war forced Americans to pay much more at the pump while Big Oil raked in profits and the president’s own oil and gas wealth ballooned, raising major concerns about conflicts of interest as he continues to own and trade stocks in companies that stand to benefit from his decisions.
The context voters are living in
Presidents, vice presidents, and members of Congress are allowed to own, buy, and sell stocks while in office, though insider trading laws still apply. Energy holdings make up a small portion of Trump’s overall net worth, which Forbes estimated at roughly $7 billion as of September.
Trump has made some efforts to bring down fuel prices, including a deal with Russia to purchase Russian diesel fuel and waiving sanctions he had just signed into law, though that fuel is a drop in the bucket of U.S. demand. On Thursday, he announced he would invoke the Defense Production Act to spend $150 million to boost gasoline and diesel production.
He has said gas prices will “drop through the floor” once the war is over, but it is not clear when the war will end. He has not ruled out restarting strikes on Iran after the midterms, and U.S. Ambassador to the United Nations Mike Waltz told the Financial Times the war could last another year.
Last week, Trump accused Iran of trying to drive up oil prices ahead of next week’s U.S. elections. The cost of living continues to be a top issue for voters.
